Welcome to The Daily Dosh 🗓️

This is the Daily Dosh, your fortnightly guide to helping your customers get smart with their money and access powerful ways to boost engagement.

This is the first edition of our newsletter and we’re excited to share our insights over the coming weeks and months!

🧵4-minute read. Here’s what we’ll cover today: 

🤿 Deep Dive: Does Gen Z care about their financial wellbeing? 

💭Thought of the Day: Did you know that 43% of Gen Z relies on TikTok as their first touch point for financial self education?

📚 Must Reads: Labour’s new financial inclusion policy, Platform Banking whitepaper by TCS and more. 

Thought of the Day 💭

Did you know that … Gen Z relies heavily on social platforms like YouTube (65%), TikTok (43%), and Facebook (40%) as a first touch point for education on finance topics?

This indicates that digital-first financial institutions and fintechs should focus on creating short-form video content and  leveraging platforms like TikTok and YouTube to engage potential prime customers during critical financial literacy moments.

Must Reads 📚

1. Labour's new financial inclusion strategy

2. Sarah Poretta’s blog on building financial inclusion

3. How to Manage Gen Z: 16 Strategies to Engage and Retain Young Talent

4. TCS White Paper on Leveraging Platform Banking for Better Customer Engagement 

5. Summary of the King’s Speech by Pockit, with a focus on Financial Inclusion

Deep Dive 🔍

Engaging Gen Z with Financial Education 🏦

Gen Z is unlike any generation before. They're obsessed with technology, socially conscious, and sceptical of traditional financial institutions. 

If you're aiming to engage them with financial education, you need to speak their language and meet them where they are.

Gen Z's thoughts on Financial Institutions💡

Many in Gen Z lack confidence with their finances. They don't know where to start or how to manage their money effectively.

And the truth is  – increasing numbers of Gen Z lack trust in banks, credit unions, and lenders to have their best interests at heart. They think financial institutions don't care about their wellbeing and don't provide resources that resonate with their experiences. This is a major hurdle we need to address.

Psychology of Gen Z 🧠

Why Financial Education Fails with Gen Z 📉

1. No Immediate Gratification: Gen Z seeks instant results and benefits, while financial education often emphasizes long-term outcomes.

2. Complex and Jargon-Heavy: Traditional financial content is filled with technical terms and complex concepts that aren't simplified for easy understanding.

3. Traditional Teaching Methods: Gen Z prefers interactive and hands-on learning experiences over traditional lecture-based methods.

4. Boring Presentation Formats: Lengthy blogs, articles, webinars, and lectures fail to engage this audience.

5. Lack of Relevance and Digital Disconnect: Financial education often doesn't connect with their immediate life situations and needs, and financial institutions frequently miss the mark by not leveraging the digital platforms Gen Z uses daily (i.e. Instagram/YouTube/Tiktok)

Strategies to Engage Gen Z 🎯

✅ Use Digital Platforms: Gen Z lives online. Create content for Instagram, TikTok, and YouTube – the platforms they frequent.

✅ Gamified Interactive Apps: Develop mobile apps with gamified learning experiences and personalized financial tips. Create fun, interactive challenges and offer rewards, badges, and incentives for completing modules or achieving financial goals.

✅ Relatable and Visual Content: Speak their language using examples relevant to their lives, like saving for a concert or managing student loans. Share stories of young people managing finances successfully. Engage them with short, dynamic videos and infographics that simplify complex concepts. Host interactive webinars with Q&A sessions, polls, and live interactions.

✅ Hands-on Learning Workshops: Organize workshops and seminars with practical exercises. Use simulations to mimic real-life financial decisions, like investing in the stock market or managing a monthly budget.

✅ Customized Learning Paths: Provide personalized learning paths based on individual goals and knowledge levels. Allow users to track their progress and see improvements over time. Offer simple, user-friendly budgeting tools, calculators, and checklists for major financial milestones like getting a first job or renting an apartment.

Understanding and Engaging Gen Z: What we Learned

When we launched Doshi, we worked closely with schools and universities across the UK and US to understand the minds and motivations of Gen Z. To our surprise, what we learned was universally applicable across all age ranges—even to baby boomers!

🧩 Learning No.1: Gen Zers Want to Improve Financial Wellness but Don’t Know Where to Start

Despite the advancements in tech and the vast accessibility of information, Gen Zers often feel overwhelmed and unsure where to learn about personal finance . This information overload can be paralysing, leading many to abandon their efforts.

📍 Our Solution: Personalised Learning 

After speaking to hundreds of students, we realised that each and everyone of them had unique financial needs.  To solve for this, we developed  personalised learning pathways based on things that mattered to them most. Here’s how it works:

1. 👤 User Onboarding: When users sign up for Doshi through their financial institution, they complete a short questionnaire. This helps us understand their unique motivations and goals.

2. 🔀 Tailored Pathways: Based on this information, we customise learning pathways with personalised modules that align with their financial goals.

🎯 Learning No.2: Gen Zers Struggle to Stay Motivated Along Their Financial Journey

In the age of Tik-Tok and instant gratification, we know that we need to create a dopamine-inducive experience to keep Gen Zers engaged in their personal finance journey. 

🎁 Our Solution: Build best-in class gamified experiences 

Inspired by the world’s best apps, like Duolingo, we integrated streaks and rewards to maintain engagement and foster consistent learning habits. Here’s how we did it:

1. 📚 Micro-Learning: We broke down complex financial concepts into bite-sized lessons, complemented by engaging animations.

2. 🏆 Streaks and Rewards: Users earn streaks and rewards for completing modules, making the learning experience fun and motivating.

3. ⚔️ Competitions: We created monthly leaderboards that included engaging prizes such iPads, Community NFTs and Doshi Merch.

🔍 Learning No.3: Gen Z Wants Quick Answers to Their Questions About Finance and Banking

In the fast-paced digital age, Gen Z seeks instant answers to their financial queries. Responding to this need allows for greater engagement from this demographic. 

💬 Our Solution: Personalized AI Chat

We introduced a personalised AI chat feature to provide quick, accurate, and tailored responses to Gen Z’s financial and banking questions. This tool ensures that users can get the information they need without delay, enhancing their overall learning experience and satisfaction.

🌟 How These Solutions Helped Us

By implementing these strategies, we saw a significant increase in user engagement and satisfaction.

Personalised learning pathways provided a clear starting point and direction, improving user registration and onboarding rates. Competitions and streaks improved our overall engagement and retention rates by double digits.

Stay Updated with Doshi

Thank you for taking the time to read today’s update. It means a lot to make sure our members are up to date so they can receive the most value possible.

If you’ve got some feedback about the Daily Dosh, ideas or you are interested in working with Doshi, then I’d love to hear your thoughts in your reply or book a call with me - Daniel, Founder @ Doshi